Pay-per-use car company E-Car Club closes £500,000 from social impact fund
Ignite Social Enterprise-backing to help electric car specialist “pursue its social mission”
Electric car community E-Car Club has secured £500,000 funding from Centrica-backed Ignite Social Enterprise LP, “the UK’s first” social impact fund exclusively targeted at supporting energy-related ventures.
Launched in 2011, E-Car Club claims to be the first business of its kind to run entirely on electric power, operating a ‘pay-per-use’ car service designed to provide members of communities, including local residents and councils, as well as businesses, with access to full-sized electric cars to rent by the hour.
Intended to reduce transport costs and emissions across the UK, the business is already running its car scheme in areas such as Milton Keynes, Luton and Oxford, with new car “hubs” in London, the South East, and the Midlands, currently under development for roll-out later this year.
Having already raised initial investment from the Technology Strategy Board, and more recently £100,000 on equity crowdfunding platform Crowdcube, it aims to use its latest funding round to increase accessibility to its transport solutions in up to 20 new locations.
E-Car Club co-founder, Christopher Morris, commented:
“The E-Car mission is a simple, if ambitious, one. We want to improve mobility on a local level whilst simultaneously reducing both the cost and environmental impact of each journey taken,”
Julia Rebholz, head of Ignite Social Enterprise, discussed its reasons for backing the electric car company:
“Access to low cost transport is a huge problem for many UK households, we were impressed by E-Car’s commitment to address this issue and creating cross sector partnerships with local authorities and local communities to help these households in transport poverty.
“This investment will help accelerate the creation of new E-Car schemes that will reduce transport costs and improve quality of life for many people across the UK.”